What you need to know as UAE markets open on March 22

Here are some things you need to know as markets open today in the United Arab Emirates.

1) Emirates Global Aluminium has invited banks to pitch for a role in its planned initial public offering, Reuters reported citing sources. Emirates NBD, National Bank of Abu Dhabi, and a US bank have pitched for the role, it added. The IPO could take place later this year, on either the Dubai or Abu Dhabi stock exchange. The size of the offering is yet to be determined.

2) ENBD REIT, a shariah-compliant real estate investment trust managed by Emirates NBD Asset Management, has set the price for the intended offer of its ordinary shares at $1.11 per ordinary share. Listing and trading is expected to begin March 23 on Nasdaq Dubai.

3) Abu Dhabi-listed Arkan’s board members have approved the permanent closure of its cement plant, Emirates Cement Factory (ECF) in Abu Dhabi, as part of its regional strategy. With the closure, Arkan has written-off ECF assets in 2016 financial statement.

4) Dubai-listed Agility Public Warehousing Co. has acquired, though a subsidiary, a warehousing facility near Changi International Airport in Singapore at the cost of around $18 million. The impact of the investment will be reflected in Q1 2017 earnings.

5) Emirates Investment Bank’s shareholders have approved the proposal to withhold dividends for 2016, it said in a statement to DFM.

6) Dubai-listed Oman Insurance’s shareholders have approved 10 percent cash dividend amounting to approximately AED 46.2 million.

7) Crude oil prices slipped on Wednesday as industry data revealed a build-up in US inventories. Brent crude was last down 0.2 percent at $50.85/bbl and WTI crude fell 0.2 percent to $48.13/bbl.

8) Asian stocks were lower towards closing hours, trailing overnight declines in US equities. Japan’s Nikkei225 Index dropped down nearly 2 percent; China’s CSI300 Index fell 0.7 percent; and Hong Kong’s Hang Seng Index lost 1.4 percent. 

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com